Carpets and Rugs Market Size, Share,Growth, Industry, Forecast and outlook (2024-2031)
The quintessential style of carpets, hand-knotted, originated from Asian locations, and later these floor coverings were imitated by the European nations. These carpets are constructed by clipping the length of yarn, and the clipped end of the yarn forms the pile of carpet that is tied up in the end in crossways to wraps. For the past few years, the demand for carpets and rugs has been seen in economically developed countries.They are in great demand in residential, non-residential buildings, and industries. Besides, owing to raising innovation and remodelling activities, the consumer's growing interest in interior decoration has built a huge market of carpets and rugs in Asian countries.
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Market Dynamics
The global carpets and market are majorly driven by increasing demand from residential, non-residential buildings for décor and thermal insulation. Carpets and rugs have heat restraining properties, thus having a huge market in a colder region of the globe. For instance, in Mohawk Industries, Inc. acquired Godfrey Hirst Group, Australia, and New Zealand's leading flooring companies. The acquisition aims further to expand Mohawk's business globally and offer broadloom, hard surface products, and modular carpets for commercial and residential applications.
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Segment Analysis
Carpets and rugs can be made from human-made or synthetic fibres such as Acrylic, Triexta, Polypropylene or Olefin, Polyester, Nylon & Others, and Natural fibres such as Silk Wool, Jute, Sisal & Others. Human-made carpets are always preferred over natural fibre as they offer excellent properties at a much affordable rate. Out of the mentioned segments, polyester is considered dominant due to its properties such as fade resistance, stain resistance, affordable cost, and durability. Also, PET polyester is known for its eco-friendly behaviour and can be made from recycled materials such as plastic drink bottles. Companies like Mohawk's Continuum and Shaw's clear Touches are the most firms for collecting carpets from these recycled fibres.
Competitive Landscape
The carpets and rugs market is fragmented with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Shaw Industries Group, Mohawk Industries, Inc., Tarkett S.A, Interface, Inc., Oriental Weavers Company, Tai Ping Carpets International Limited, Dixie Group, Inc., Ikea Group, Beaulieu International Group, Milliken & Company and among others.
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